Citigroup analyst Keith Horowitz upgraded Wells Fargo to a buy, reiterated a bullish view on M&T Bancorp and cut ratings on five other banks.
Citigroup analyst Keith Horowitz upgraded Wells Fargo to a buy, reiterated a bullish view on M&T Bancorp and cut ratings on five other banks on Monday.
The key development from January has been the quick onset of inflation as a rally in bank stocks from last year turned into stock losses thus far in 2022. The Financial Select Sector SPDR ETF XLF, +0.69% is down 3.4% this year, compared to a 7.4% drop by the S&P 500 SPX, +1.19%. Horowitz reiterated buy ratings on Bank of America Corp. BAC, +0.63%, Comerica Inc. CMA, +0.64%, Goldman Sachs Group Inc. GS, +1.65%, Morgan Stanley MS, +1.87%, M&T Bank Corp MTB, +0.28% and Regions Financial Corp. RF, +0.80%. He cut Bank of America’s price target to $47 from $57, trimmed Comerica’s price target to $110 from $115; Goldman Sachs to $400 from $455; Morgan Stanley to $100 from $125, M&T Bank to $190 from $220 and Regions Financial to $25 from $27 a share.
Horowitz cut his ratings to neutral from buy on BNY Mellon Corp. BK, +0.60% , Citizens Financial Group CFG, -0.05% , State Street Corp. STT, +1.00% , Truist Financial Corp. TFC, +0.41% , and U.S. Bancorp USB, -0.14% .
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